With the new SAS offering, insurers improve risk analysis
The financial crisis, economic downturn and soft global market have […]
May 4, 2010
The financial crisis, economic downturn and soft global market have insurers clamoring to improve transparency and financial performance. To offer organization-wide risk management capabilities, SAS, the leader in business analytics software and services, introduces SAS Risk Management for Insurance, a comprehensive solution for risk analysis and risk-based capital calculation.
The SAS data management and reporting platform, which includes an insurance-specific data model, helps life and P&C insurance companies implement the Solvency II standard model for calculating risk-based capital. The SAS Business Analytics Framework also enables insurers to support the internal model approach for risk analysis – an added business benefit. The solution also helps to provide senior management with greater understanding of the company’s risk and financial condition.
“Solvency II and other regulatory requirements are increasing the adoption of risk management solutions within insurance carriers,” said Karen Pauli, Research Director, TowerGroup. “Behind these initiatives is an increased focus on data management, especially data quality, analytics, including stress testing, and reporting.” SAS Risk Management for Insurance reduces volatility by helping insurers understand the impact of economic factors on the balance sheet. It ensures solvency by stress testing the insurer’s assets and liabilities from sudden, dramatic changes in market conditions. With SAS, insurers can perform more accurate risk analysis, employing an enterprise data warehouse that offers more comprehensive data management. Greater competitive advantage results from better risk-based business decisions.
“The financial crisis and the Solvency II regulations taught insurers that complex risk management requires more advanced, integrated and scalable solutions,” said Stuart Rose, SAS Global Insurance Industry Marketing Manager. “SAS Risk Management for Insurance supports the evolving risk requirements of insurers today and in the future”, he concluded.